Last10K.com

Acorn Energy, Inc. (ACFN) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Acorn Energy, Inc.

CIK: 880984 Ticker: ACFN

 

ACORN ENERGY ANNOUNCES Q4 and FISCAL YEAR 2013 RESULTS

 

WILMINGTON, Del., March 17, 2014/

PRNewswire/ Acorn Energy, Inc. (NASDAQ: ACFN) today announced its results for the fourth quarter and fiscal year periods ended December 31, 2013.

 

For the fiscal year 2013 period, revenue increased $2.3 million, or 12%, to $21.8 million, compared to $19.4 million in the corresponding 2012 period. The net loss for 2013 was $29.7 million, or $1.57 per share, compared to a net loss of $16.7 million, or $0.93 per share, in 2012. Results for the year include a non-cash charge of $6.7 million ($0.36 per share) for impairment of goodwill and other intangibles and $1.4 million ($0.07 per share) for restructuring charges.

 

For the fourth quarter of 2013, Acorn revenue increased 21% to $5.8 million compared to $4.8 million in the 2012 fourth quarter. The net loss for the quarter was $5.3 million, or $0.24 per share, compared to a net loss of $5.4 million, or $0.30 per share, in the corresponding 2012 period.

 

John Moore, President and CEO of Acorn Energy stated, "In 2013, all four of our businesses made great progress in developing their technologies and growing their customer bases. USSI positioned itself as the leader in the emerging field of advanced microseismic monitoring by winning a pivotal trial conducted by one of the supermajor oil companies. DSIT was recently awarded the largest order in its history for the detection of underwater terrorism.

 

“Acorn increased backlog 157% from $7.2 million in the third quarter to $18.5 million at the end of the fourth quarter. We made adjustments to our corporate expenses which will reduce cash corporate overhead going forward by 35%. We strengthened the balance sheet, ending the year with $15.8 million in corporate cash and no debt at the parent level.

 

“In addition, 2014 has gotten off to a good start. GridSense has received $2.8 million of new business, as its early-alert monitoring system for key equipment on the electric grid is receiving greater recognition. OmniMetrix secured orders for nearly half of its 2014 planned units as the need for backup generators grows in the face of increasing outages in the electric utility industry. Joe Musanti assumed the role of COO at Acorn after dramatically reducing the cash needs at both companies. We are excited about 2014. We are actively developing another major opportunity for USSI and look forward to updating you on our progress in the future.”

 

 

Portfolio Companies

 

U.S. Seismic Systems, Inc. (USSI)

USSI has developed the first cost-effective fiber optic sensor system for mapping traditional as well as unconventional oil and gas fields. More effective mapping leads to increased production. The technology is also applicable for monitoring production to avoid environmental problems.

 

Recently it was reported that unconventional methods such as hydraulic fracturing accounted for 35,000 new wells annually in the U.S. Approximately 40% of the fracturing jobs occur in very high temperature wells, in which it is difficult to impossible for legacy seismic equipment to function. USSI’s fiber optic technology has been designed to operate in these harsh conditions, as well as low to mid temperature applications. Furthermore, over 70% of the operating companies queried in a recent survey reported the failure of fracturing jobs to meet performance expectations was due to a lack of understanding of the subsurface.

 

During 2013, USSI invested in testing its technology with producing and service companies. In each test, USSI gleaned important information about its sensors and peripheral equipment. The in-field applications have led to refinements and changes as customers and the USSI team work collaboratively towards the commercialization of the first major product change in seismic mapping.

 

Revenue in 2013 was $1.5 million; about the same as 2012’s revenue and was primarily generated from testing. Fourth quarter revenue of $320,000 in 2013 increased $173,000 over the 2012 fourth quarter revenue of $147,000. The losses reflected in the financial statements with respect to USSI primarily represent purposeful spending on our part to perfect the USSI tool and to set the stage for commercialization.

 

DSIT

DSIT Solutions Ltd., based in Israel, develops and produces advanced underwater sonar detection systems to protect critical harbor and offshore assets against terrorist and other attacks. Primary markets for its systems are navies, homeland security agencies, oil and gas (O&G) companies, nuclear power facilities and port authorities. The technologies are also attracting interest from owners of offshore oil and gas platforms.

 

The company generated revenue in 2013 of $13.1 million vs. $13.6 million in 2012. Fourth quarter 2013 revenue was $3.4 million, compared to $3.6 million in the prior year. The decreases were primarily due to the winding down of a major project. Lower revenues and margins were due in part to unanticipated delays and installation complications for a major project.

 


The following information was filed by Acorn Energy, Inc. (ACFN) on Monday, March 17, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Acorn Energy, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Acorn Energy, Inc..

Continue

Assess how Acorn Energy, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Acorn Energy, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Dei Document
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Accrued Severance, Severance Assets And Retirement Plans
Accrued Severance, Severance Assets And Retirement Plans (tables)
Accrued Severance, Severance Assets And Retirement Plans Accrued Severance And Severance Assets (details)
Accrued Severance, Severance Assets And Retirement Plans Defined Contribution Plans (details)
Acquisition Of Omnimetrix Fair Value Of Assets And Liabilities Acquired (details)
Bank Debt And Other Debt
Bank Debt And Other Debt (details)
Bank Debt And Other Debt (tables)
Bank Debt And Other Debt Debt Summary (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies Guarantees (details)
Commitments And Contingencies Leases Of Property And Equipment (details)
Commitments And Contingencies Royalties (details)
Discontinued Operations
Discontinued Operations Coalogix (details)
Discontinued Operations Coreworx (details)
Equity
Equity (tables)
Equity - Dsit Option Plan (details)
Equity - Non-employee Option Grants (details)
Equity Capital Raise (details)
Equity Directors And Officers (details)
Equity Dividend Reinvestment Plan (details)
Equity Dividends (details)
Equity Dividends Paid (details)
Equity Dsit Option Plan By Exercise Price Range (details)
Equity General (details)
Equity Net Warrant Exercise (details)
Equity Option Exercised (details)
Equity Share-based Compensation Expense (details)
Equity Share-based Compensation Option-pricing Model Assumptions (details)
Equity Stock Option Activity (details)
Equity Stock Option Activity - Ussi (details)
Equity Stock Options By Exercise Price Range (details)
Equity Ussi Stock Option Plan (details)
Equity Warrants (details)
Equity Warrants Activity (details)
Equity Weighted Average Fair Value Of Options Granted (details)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Finance Income (expense), Net
Finance Income (expense), Net (details)
Finance Income (expense), Net (tables)
Financial Instruments
Goodwill And Intangible Assets
Goodwill And Intangible Assets (details)
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets Amortization Expense - Current Period And Prior Period (details)
Goodwill And Intangible Assets Future Year's Amortization Expense (details)
Goodwill And Intangible Assets Schedule Of Intangibles (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Income Taxes Analysis Of Deferred Tax Assets And (liabilities) (details)
Income Taxes Composition Of Income Tax Expense (benefit) (details)
Income Taxes Effective Income Tax Rates (details)
Income Taxes Summary Of Tax Loss Carryforwards (details)
Income Taxes Taxation In Australia (details)
Income Taxes Taxation In Israel (details)
Income Taxes Taxation In The United States (details)
Income Taxes Uncertain Tax Positions (utp) (details)
Inventory
Inventory (details)
Inventory (tables)
Investments In Subsidiaries
Investments In Subsidiaries (tables)
Investments In Subsidiaries Acquisition Of Omnimetrix - Intangible Assets Acquired (details)
Investments In Subsidiaries Dsit (details)
Investments In Subsidiaries Gridsense (details)
Investments In Subsidiaries Ussi (details)
Nature Of Operations
Non-controlling Interests
Non-controlling Interests (details)
Non-controlling Interests (tables)
Other Current Assets
Other Current Assets (details)
Other Current Assets (tables)
Other Current Liabilities
Other Current Liabilities (details)
Other Current Liabilities (tables)
Other Investments
Other Investments Hangxing (details)
Property And Equipment, Net
Property And Equipment, Net (details)
Property And Equipment, Net (tables)
Related Party Balances And Transactions
Related Party Balances And Transactions (details)
Restructuring And Related Charges (details)
Restructuring And Related Charges (tables)
Restructuring And Related Charges Restructuring And Related Charges (notes)
Sale Of Coalogix
Sale Of Coalogix (details)
Segment Reporting And Geographic Information
Segment Reporting And Geographic Information (details)
Segment Reporting And Geographic Information (tables)
Segment Reporting And Geographic Information - Major Customers (details)
Segment Reporting And Geographic Information - Reconciliation Of Segment Assets - Other Significant Items (details)
Segment Reporting And Geographic Information - Reconciliation Of Segment Income (loss) To Consolidated Net Income (loss) (details)
Segment Reporting And Geographic Information - Reconciliation Of Total Consolidated Assets (details)
Segment Reporting And Geographic Information - Revenues And Long-lived Assets Based On Location (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies Advertising (details)
Summary Of Significant Accounting Policies Allowance For Doubtful Accounts (details)
Summary Of Significant Accounting Policies Amounts Used In Computing Eps (tables)
Summary Of Significant Accounting Policies Basic And Diluted Net Income (loss) Per Share (details)
Summary Of Significant Accounting Policies Concentration Of Credit Risk (details)
Summary Of Significant Accounting Policies Principles Of Consolidation (details)
Summary Of Significant Accounting Policies Revenue (details)
Summary Of Significant Accounting Policies Warranty Provision (details)
Summary Quarterly Financial Data (unaudited)
Summary Quarterly Financial Data (unaudited) (details)
Summary Quarterly Financial Data (unaudited) (tables)
Ticker: ACFN
CIK: 880984
Form Type: 10-K Annual Report
Accession Number: 0000880984-14-000004
Submitted to the SEC: Mon Mar 17 2014 4:22:39 PM EST
Accepted by the SEC: Mon Mar 17 2014
Period: Tuesday, December 31, 2013
Industry: Engineering Services

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/acfn/0000880984-14-000004.htm